Stanbic supports local businesses using BoZ K10bn facility

BUUMBA CHIMBULU writes STANBIC Bank Zambia is leveraging part of the K10 billion Bank of Zambia (BoZ) Covid-19 relief package to help clients keep their businesses viable during the pandemic period. The fund being introduced by BoZ is key to alleviating most of the issues local enterprises have been facing as it allows banks to step in and provide them with the much needed funding to keep their operations going. This is according to Stanbic Bank Head of Personal and Business Banking, Mwansa Mutati. “What we are doing is that for customers we know need refinancing or help with their loan repayments or working capital, we have set up channels through which they can receive assistance from us and keep their business running despite the prevailing challenges,” she said in a statement. Speaking in the first episode of the bank’s Tili Pamodzi Online Conversations programme, Ms Mutati said the BoZ relief package was special as financial institutions could access the funds at a much lower cost than conventional loans.  This, she explained, meant that financial institutions could extend the benefit to the end users of the package who were the customers by being more flexible when it came to its distribution. Ms Mutati also said her Bank had its own Covid-19 assistance initiative running long before the central bank availed the K10 billion package. “We then proactively engaged with those customers to create tailored intervention measures to help them overcome any financial difficulties that may arise from the restricted trade.  “Our mode of intervention involves loan payment breaks, working capital assistance and staff salary assistance,” said Mrs Mutati. The Sun